Booking Holdings Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.67%.
Did BKNG Beat Earnings? Q2 2025 Results
Booking Holdings delivered a standout second quarter, posting adjusted EPS of $55.40 against a consensus estimate of $50.32, a beat of 10.09%, while revenue of $6.80 billion topped expectations by 3.85% and grew 16.0% year-over-year. The single most material driver of that outperformance was a sharp mix shift toward merchant revenues, which climbed 29% to $4.46 billion as Booking.com accelerated its transition to payments-facilitated transactions, more than offsetting a 5% decline in agency revenues. Room nights reached 309 million, up 8% year-over-year, and Connected Trip transactions, where customers book across multiple travel verticals, grew more than 30%, with flight ticket bookings alone rising 44%. Those <a href="https://247wallst.com/investing/2025/07/29/live-coverage-will-booking-holdings-bkng-soar-after-2q-earnings/">results heading into the print</a> were widely anticipated to be strong, and the company did not disappoint. Looking ahead, Booking guided Q3 revenue growth of 7%-9% and full-year Adjusted EBITDA growth in the mid-teens, while acknowledging tougher prior-year comparisons and geopolitical uncertainty as potential headwinds to consumer travel spending.
- Room nights grew 8% YoY to 309 million
- Gross bookings grew 13% YoY (9% constant currency) to $46.7 billion
- Connected Trip transactions reached low double-digit share of Booking.com total transactions, up over 30% YoY
- Flight tickets sold grew 44% YoY to 16 million
- Alternative accommodation room nights at Booking.com increased by a low double-digit percentage
- Marketing expense as a percentage of gross bookings improved to 4.6% from 4.7%
- Direct channel mix of room nights was a mid-fifties percentage over trailing four quarters, increasing YoY
- Total operating expenses grew 14%, slower than 16% revenue growth
- Adjusted EBITDA margin expanded to 35.6% from 32.4%
- Rental car days grew 9% YoY to 24 million
“We are pleased to report a strong second quarter with 8% room night growth and a double-digit increase in gross bookings and revenue, reflecting disciplined execution against our strategic initiatives.”
Booking Holdings CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2025, Booking Holdings guides room night growth of 3.5%-5.5%, gross bookings growth of 8%-10% (4%-6% constant currency), revenue growth of 7%-9% (3%-5% constant currency), and Adjusted EBITDA of $3.9-$4.0 billion (6%-9% growth). For full year 2025, the company expects low double-digit gross bookings growth (high single digits constant currency), low double-digit revenue growth (high single digits constant currency), and mid-teens percentage Adjusted EBITDA growth. Management notes steady travel demand trends so far in Q3 but cautions that prior-year comparisons become tougher in August and September. The company also acknowledges potential risks from increased geopolitical and macroeconomic uncertainty affecting consumer spending, travel patterns, and partner dynamics.
BKNG YoY Financials
BKNG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.